Italian furniture manufacturer and leather maker Natuzzi has reported its financial results for the third quarter of 2024, when net sales were flat at €75 million.

Credit: Natuzzi

Branded sales for the period were up 0.3% to €68.8 million and grew 4.6% from the third quarter of pre-pandemic 2019.

Directly-operated-store (DOS) sales were down 1.4% year-on-year to €16.8 million and up 25.7% from Q3 2019.

The company lost 276 employees in the quarter, attributable to its closure of a plant in Shanghai, moving production to Quanjiao.

Natuzzi ended the period with an operating loss of €3.8 million, down from a loss of €1.4 million in the third quarter of 2023. Without severance costs, the loss would have been €400,000.

In the first nine months of the year, the company had net sales of €243.9 million, down 0.3% year-on-year, and reported an operating loss of €3.6 million, compared to a loss of €2.2 million in the first nine months of 2023.

Executive Chairman Pasquale Natuzzi said: “We are living in a dual speed reality. On one hand, our performance reflects the ongoing challenges posed by the persistent economic crisis. On the other hand, we are seeing growing evidence of the strength of our long-term brand/retail project, which continues to gain momentum, paving the conditions to capture the full potential of our brands.”